(Reuters) – Goldman Sachs appointed Elizabeth Overbay as the chief financial officer of its asset and wealth management division, according to a memo seen by Reuters on Thursday, bolstering ranks in a key area of focus for the Wall Street giant.
The investment bank has been deepening its commitment to the unit, especially after ending an ill-fated push into consumer banking that lost billions of dollars.
Overbay is currently the CFO of Goldman Sachs Bank USA, overseeing capital and liquidity planning as well as regulatory matters. She is also the CFO and chief operating officer of the platform solutions unit, which houses some of Goldman’s consumer banking businesses.
She will succeed Thomas Manetta, who is moving to the human capital management team where he will be responsible for corporate compensation.
The bank’s assets under supervision hit a record of $3.14 trillion in the fourth quarter. Its CEO David Solomon has said he is open to acquisitions to boost the business, but the bar would be “very, very high.”
Goldman’s top rival, Morgan Stanley, also has a dominant position in wealth management.
(Reporting by Niket Nishant in Bengaluru and Saeed Azhar in New York; Editing by Alan Barona)
